Inventories January 1 January 31 Materials $180,000 $145,500 Work in process 334,600 290,700 Finished goods 675,000 715,000 Direct labor $2,260,000 Materials purchased during January Factory overhead 1,375,000 incurred during January: Indirect labor 115,000 Machinery depreciation 90,000 Heat, light, and power 55,000 Supplies 13,500 Property taxes 10,000 Miscellaneous costs 33,100

Inventories January 1 January 31 Materials $180,000 $145,500 Work in process 334,600 290,700 Finished goods 675,000 715,000 Direct labor $2,260,000 Materials purchased during January Factory overhead 1,375,000 incurred during January: Indirect labor 115,000 Machinery depreciation 90,000 Heat, light, and power 55,000 Supplies 13,500 Property taxes 10,000 Miscellaneous costs 33,100

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Statement of cost of goods manufactured for a manufacturing company
Cost data for Disksan Manufacturing Company for the month ended
January 31 are as attached:

a. Prepare a cost of goods manufactured statement for January.
b. Determine the cost of goods sold for January.

Inventories
January 1 January 31
Materials
$180,000 $145,500
Work in process 334,600
290,700
Finished goods 675,000
715,000
Direct labor
$2,260,000
Materials purchased during January Factory overhead
1,375,000
incurred during January:
Indirect labor
115,000
Machinery depreciation
90,000
Heat, light, and power
55,000
Supplies
13,500
Property taxes
10,000
Miscellaneous costs
33,100

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